Iowa Administrative Code
Agency 193E - Real Estate Commission
Chapter 8 - Closing a Real Estate Business
Rule 193E-8.2 - Involuntary Closing of a Sole-proprietor Brokerage
Universal Citation: IA Admin Code 193E-8.2
Current through Register Vol. 47, No. 13, December 25, 2024
Upon the death or disability of a sole-proprietor broker in which the affairs of the broker cannot be carried on, the following steps are necessary for closing the real estate brokerage business:
(1) All licensees associated with the broker cease all brokerage activity until their licenses have been transferred to another broker;
(2) The executor or legal representative of the broker's estate, if an attorney or a broker, may conclude pending business; and
(3) The administrator or executor of the broker's estate or the legal representative of the broker may follow the procedures established in rule 193E-8.1 (543B) for voluntary closing.
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